RUSH TRANSCRIPT Insights on ░░░░░░░░ this brutal market day ░░░░░░░░ ghaffary 1 000 point ░░░░░░░░ on the dow more ░░░░░░░░ 950 points down Malcolm ░░░░░░░░ on cic wealth Is ░░░░░░░░ any protection or is ░░░░░░░░ just down less Malcolm ░░░░░░░░ you hear me I ░░░░░░░░ can you hear me ░░░░░░░░ can so what about ░░░░░░░░ protection Yeah I think ░░░░░░░░ is probably as good ░░░░░░░░ it gets at this ░░░░░░░░ but the distinction I ░░░░░░░░ make is just that ░░░░░░░░ know quality tech names ░░░░░░░░ to be getting sold ░░░░░░░░ indiscriminately alongside lesser quality ░░░░░░░░ at the bottom of ░░░░░░░░ qqq and the arc ░░░░░░░░ etfs and such Microsoft ░░░░░░░░ amd and nvidia I ░░░░░░░░ not talking about junk ░░░░░░░░ are major enterprise clients ░░░░░░░░ term deals and government ░░░░░░░░ stretching into the end ░░░░░░░░ this decade There are ░░░░░░░░ getting sold right now ░░░░░░░░ are selling at a ░░░░░░░░ discount that are worth ░░░░░░░░ look but that s ░░░░░░░░ good as it gets ░░░░░░░░ you want the word ░░░░░░░░ especially in the tech ░░░░░░░░ Yeah speaking of amd ░░░░░░░░ s down almost 6 ░░░░░░░░ still up more than ░░░░░░░░ for a full week ░░░░░░░░ you re looking at ░░░░░░░░ what message does that ░░░░░░░░ about a company that ░░░░░░░░ so well on earnings ░░░░░░░░ and then how quickly ░░░░░░░░ afternoon s rally deteriorated ░░░░░░░░ investors who are wondering ░░░░░░░░ much they can trade ░░░░░░░░ how much they have ░░░░░░░░ hold their nose and ░░░░░░░░ in it for the ░░░░░░░░ haul what message is ░░░░░░░░ sending Well it s ░░░░░░░░ things one it s ░░░░░░░░ if it s not ░░░░░░░░ become it s becoming ░░░░░░░░ stock picker s market ░░░░░░░░ have to focus more ░░░░░░░░ quality names that are ░░░░░░░░ capital to shareholders whether ░░░░░░░░ s through buybacks or ░░░░░░░░ or some kind of ░░░░░░░░ a activity I would ░░░░░░░░ focusing on those sorts ░░░░░░░░ companies that are better ░░░░░░░░ instead of trying to ░░░░░░░░ dumpster diving here or ░░░░░░░░ on a shopping spree ░░░░░░░░ just buying tech indiscriminately ░░░░░░░░ companies doing those buybacks ░░░░░░░░ m talking about it ░░░░░░░░ something like a trillion ░░░░░░░░ citizen Goldman s estimate ░░░░░░░░ what buyback activity will ░░░░░░░░ like by the end ░░░░░░░░ this year those are ░░░░░░░░ companies that the second ░░░░░░░░ of this year will ░░░░░░░░ end up having a ░░░░░░░░ little comeback here and ░░░░░░░░ necessarily because of any ░░░░░░░░ or any sort of ░░░░░░░░ product offering that s ░░░░░░░░ to the bottom line ░░░░░░░░ s going to be ░░░░░░░░ share buybacks are just ░░░░░░░░ to folks looking for ░░░░░░░░ that are returning capital ░░░░░░░░ them in the near ░░░░░░░░ when interest rates are ░░░░░░░░ and everything seems to ░░░░░░░░ selling off You guys ░░░░░░░░ got done talking about ░░░░░░░░ as an example Amazon ░░░░░░░░ to buy back 10 ░░░░░░░░ worth of its own ░░░░░░░░ this year that s ░░░░░░░░ enough to make people ░░░░░░░░ back into the name ░░░░░░░░ least in the short ░░░░░░░░ and bring that share ░░░░░░░░ back in the right ░░░░░░░░ Well not yet at ░░░░░░░░ Malcolm what about the ░░░░░░░░ of not buying anything ░░░░░░░░ all we ve had ░░░░░░░░ feels like an increasing ░░░░░░░░ of voices on this ░░░░░░░░ saying cash preservation is ░░░░░░░░ name of the game ░░░░░░░░ this market Do you ░░░░░░░░ you sit on cash ░░░░░░░░ you see this much ░░░░░░░░ and so many macro ░░░░░░░░ winds ahead That s ░░░░░░░░ tough one I think ░░░░░░░░ anybody who has the ░░░░░░░░ for this kind of ░░░░░░░░ the right kind of ░░░░░░░░ to not get overheated ░░░░░░░░ start selling if you ░░░░░░░░ the NASDAQ today and ░░░░░░░░ falls 5 or 10 ░░░░░░░░ is very much proof ░░░░░░░░ that If you re ░░░░░░░░ person who has that ░░░░░░░░ of temperament start adding ░░░░░░░░ your shopping list and ░░░░░░░░ out the names you ░░░░░░░░ but for most people ░░░░░░░░ s probably not the ░░░░░░░░ time to be going ░░░░░░░░ that shopping spree Having ░░░░░░░░ dry powder on the ░░░░░░░░ looib and waiting for ░░░░░░░░ right opportunity I think ░░░░░░░░ re going to get ░░░░░░░░ opportunity since we know ░░░░░░░░ Fed is poised to ░░░░░░░░ rates a couple more ░░░░░░░░ before the year is ░░░░░░░░ Malcolm we saw shopify ░░░░░░░░ something interesting earlier this ░░░░░░░░ its founder and CEO ░░░░░░░░ luki said he s ░░░░░░░░ for shareholder approval for ░░░░░░░░ founder share to get ░░░░░░░░ voting power I thought ░░░░░░░░ was interesting because that ░░░░░░░░ in terms of cap ░░░░░░░░ value has come down ░░░░░░░░ much is this a ░░░░░░░░ thing for investors do ░░░░░░░░ think that we will ░░░░░░░░ more of this from ░░░░░░░░ that are also founders ░░░░░░░░ to protect their position ░░░░░░░░ fend off m a ░░░░░░░░ Yeah I think unfortunately ░░░░░░░░ will start to hear ░░░░░░░░ see more of these ░░░░░░░░ of activities that smell ░░░░░░░░ little Adam newmany in ░░░░░░░░ future where companies that ░░░░░░░░ concerned that their share ░░░░░░░░ have gotten whacked you ░░░░░░░░ that folks are starting ░░░░░░░░ look at them and ░░░░░░░░ they re on the ░░░░░░░░ block I do think ░░░░░░░░ investors should be weary ░░░░░░░░ that kind of activity ░░░░░░░░ think focusing on companies ░░░░░░░░ had no business coming ░░░░░░░░ in the last couple ░░░░░░░░ years coming out public ░░░░░░░░ the last couple of ░░░░░░░░ and they did so ░░░░░░░░ because all the back ░░░░░░░░ was there and it ░░░░░░░░ the time of get ░░░░░░░░ I think you re ░░░░░░░░ to see quite a ░░░░░░░░ more of those types ░░░░░░░░ attempts as we go ░░░░░░░░ the remainder of this ░░░░░░░░ and I just would ░░░░░░░░ investors to not go ░░░░░░░░ the okeydoke in that ░░░░░░░░ where its looks a ░░░░░░░░ 1999 2000 y and ░░░░░░░░ ll see more private ░░░░░░░░ tech acquisitions start to ░░░░░░░░ That s how we ░░░░░░░░ know when we scrape ░░░░░░░░ bottom as far as ░░░░░░░░ are concerned companies that ░░░░░░░░ no business going public ░░░░░░░░ the first place start ░░░░░░░░ go back private we ░░░░░░░░ have an idea That ░░░░░░░░ said we are talking ░░░░░░░░ shopify up more than ░░░░░░░░ over the past five ░░░░░░░░ even after this drop ░░░░░░░░ still a 50 billion ░░░░░░░░ So are we at ░░░░░░░░ of getting into a ░░░░░░░░ where investors short term ░░░░░░░░ could also get in ░░░░░░░░ way of founders and ░░░░░░░░ long term strategies people ░░░░░░░░ so excited about the ░░░░░░░░ over the last couple ░░░░░░░░ maybe they thought that ░░░░░░░░ normal Well I would ░░░░░░░░ you know is it ░░░░░░░░ investing public the retail ░░░░░░░░ who got overheated in ░░░░░░░░ sense or was it ░░░░░░░░ CEO that sort of ░░░░░░░░ you know promises that ░░░░░░░░ it sound good right ░░░░░░░░ half their job is ░░░░░░░░ out and telling a ░░░░░░░░ story and maybe they ░░░░░░░░ living and dying by ░░░░░░░░ sword where they told ░░░░░░░░ a good story the ░░░░░░░░ was we re going ░░░░░░░░ continue this ride forever ░░░░░░░░ now the music has ░░░░░░░░ and there s only ░░░░░░░░ chair left all the ░░░░░░░░ the CEOs are having ░░░░░░░░ go back and recalibrate ░░░░░░░░ they speak to investors ░░░░░░░░ some cases it could ░░░░░░░░ too late I think ░░░░░░░░ was a segment of ░░░░░░░░ investing public we tried ░░░░░░░░ keep people sober over ░░░░░░░░ but it didn t ░░░░░░░░ work Malcolm thank you ░░░░░░░░ guys Meanwhile media names ░░░░░░░░ certainly not immune from ░░░░░░░░ s selloff and what ░░░░░░░░ already been a rough ░░░░░░░░ for that sector post ░░░░░░░░ Julia